Fricay April 3,2009

When the week started the bulls in the market were hiding in the corner while the bears were considered to be in the drivers because all the analysts were guessing that a huge acreage shift was going to happen in soybeans. Then comes Tueday morning
and the USDA estimated acres on soybeans were well below the average estimate. The noncommercial traders caame into the soybean market as strong buyers. Along with the noncommercials the commercial grain buyers also stepped up to the plate and bought large amounts of grain. Considering all the factors with the bullishness of the traders, the inverted future spreads , the trend being up and the technical bullish signals it seems as though the grains have a potential to extend the seasonal rally. The one thing that we need to start watching closer is the weather to see if we will get planting delays or not. With the week at its close I can definitely say I enjoyed this week better than last.

Chuck Peterson